Why Bill Miller describes Bitcoin as digital gold with “many advantages” over traditional gold

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Bill Miller responds to Warren Buffett’s ‘rat poison’ critique of Bitcoin, saying ‘the rat might be gold’

Bill Miller said in a recent investor letter that bitcoin’s success in the past year has been promising—and more businesses continue to switch parts of their balance sheets to bitcoin, broader acceptance could move very rapidly, according to the fund manager.

In his fourth quarter of Miller Value Partners investor message, Miller closed his meditations on bitcoin’s growth to more than $31,000. Despite possessing a market capitalisation higher than JP Morgan and Berkshire Hathaway, Miller said that bitcoin is still early in its period of acceptance. It’s best thought of as digital gold, according to Miller, but it has “many advantages” over physical gold.

As the Federal Reserve proceeds to follow a scheme “whose objective is to have investments in cash lose money in real terms for the foreseeable future,” he added, firms including Square and MicroStrategy have switched their balance sheets to bitcoin. Both companies committed millions to Bitcoin this year, and Miller said that if inflation speeds up or if other conditions encourage more firms to flood into Bitcoin, the gateway to acceptance will open.

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“Warren Buffet famously called bitcoin ‘rat poison.’ He may well be right,” Miller said in his letter. “Bitcoin could be rat poison, and the rat could be cash.”

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